KRE (Regional Banking Sector ETF) is playing out as predicted in Friday’s post so far with in impulsive move down close to the first bounce target (blue TL) so far today, down nearly 5% on the day. Still unsure of just how far the likely bounce off the 50.15ish support level will run although that should become more apparent if/when we approach that point. Keep in mind that the impulsive nature (large drop on high volume) sharply decreases the odds that this breakout will prove to be a whipsaw signal (i.e.- false breakdown), with more downside in the regional banks likely in the coming days & weeks, counter-trend rallies aside. Friday’s & today’s updated daily chart below.